o_e_l_e_o
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August 24, 2020, 03:02:10 PM |
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Although, I acknowledge the point that these seed phrases are meant to be memorized as well. No, they aren't. The best and safest storage in your mind No, it isn't. Memorizing your seed phrase is probably the worst back up method you can choose. It is incredibly fragile and fallible - far more so than a paper back up - and even a minor blow to the head or fever can make you forget your back up. In fact, you don't even need that, and can simply forget it over time without any obvious cause or intervention by another party. It is susceptible to a $5 wrench attack. It makes no provision for passing your bitcoin on should you die. 1. Store the private key with specific code on several devices such as laptops, computers, and also mobile phones. I store it offline, not online one because it will be very risky moreover when the application is not a paid-app. When you say you store it offline, do you mean that the multiple laptops, computers, and mobile phones you use are all permanently airgapped, never connected to WiFi or other wireless connectivity methods (e.g. Bluetooth), and are never physically connected to an internet source (e.g. ethernet)? Anything stored on a device with an internet connection is not "offline".
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ChiBitCTy
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August 24, 2020, 03:25:45 PM |
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Hardware wallets are nice but like you I don't use mine all that often and I worry that something could happen to it or one day they'll be hacked. Personally I think paper wallets are the only way to go. Everything is offline and is definitely the safest way of storing bitcoin. After that, hide your keys somewhere no one would ever be able to find them, or maybe use a safety deposit box at a bank.
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azmirihaque
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August 24, 2020, 06:05:41 PM |
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Every one should save their all types of secret key in off line. Any online storing system is highly risky. I suggest you to write down in a secret sheet and save it to different private places. I think this is the best key safety strategy.
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LbtalkL
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August 24, 2020, 06:22:33 PM |
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CASA app ? I just heard it now from you, I dont' think it's reputable upon checking on playstore it has very low ratings, not recommended. About private keys I am using non custodial wallet which has only seed or recovery phrase but those are equal to our private keys. I guess next to hardware wallet, non custodial is the best option. Same as you I am hesitant to store on ledger too but with different reason, ledger is just like a Flash Drive is size, it can be misplaced somewhere if you lost the device goodbye to your coins. Unlike with private keys if you made some copies you can recover it anytime, now how should we store it? For me, I put some on flashdrive and keep it on the safe place like vault or similar and print some copies on paper. Never save your keys on a device which keeps online often.
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Congyang
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August 24, 2020, 10:29:19 PM |
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What are the best private key safety tips.
I just learned about the CASA app. But it has a monthly fee.
I recently had a scare with the ledger hardware wallet update and a windows 7 computer. Got it sorted but made me plenty nervous. I will go for months without checking, and generally uninstall the ledger app from my devices.
What other srategies can I consider?
private key but pay a monthly fee? I think it's not the best, maybe you can try to choose a hardware device wallet for storage instead of having to pay for storage keys that are not strategic yet
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bearexin
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August 25, 2020, 11:28:10 AM |
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I have not heard of this CASA app before, so I just went through Google and skimmed through a few articles to understand what it’s all about, and from what I have seen, if they can really provide the services they claimed on their website, then it might be a good option. Some people do say that paper wallet is the best, and others would say paper wallet won’t protect your funds from things like natural disaster and similar events, and this CASA you have mentioned claims to protect users from such things, and other things they have mentioned such as hacking, supply chain attacks, and other cases. But anyone that’s going for this option should know that there are fees, and their Diamond account is for $420 monthly? ![Huh](https://bitcointalk.org/Smileys/default/huh.gif)
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Didge316
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August 25, 2020, 11:57:31 AM |
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I bought some small thin metal sheets and a punch set from Amazon. Made a couple of copies of my ledger recovery phrase and then split them into 2 pieces which I keep in different locations. Having the words punched into metal makes me feel a lot safer than having them written on paper!
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imstillthebest
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August 25, 2020, 12:28:36 PM |
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I bought some small thin metal sheets and a punch set from Amazon. Made a couple of copies of my ledger recovery phrase and then split them into 2 pieces which I keep in different locations. Having the words punched into metal makes me feel a lot safer than having them written on paper!
others engrave it on solid objects but what you did is simillar to them , yours are just handy and easy to carry but dividing them and hiding the other part on another storage sounds risky because you can forgot them or other people will find it out and do unwanted things with it . for me i dont divide my keys or phrases but i make more than one copies instead and store on differrent locations .
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AB de Royse777
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August 25, 2020, 04:30:42 PM |
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Resembles approach used by me, except I gave them not keys but two SEEDs combined be special way ( known exclusively to me) and divided into several parts using Shamir Secret Sharing Scheme. So even in the case those three groups ( to whom those parts were handed over) somehow spot each other they will not able to access my 2-of-2 multisig wallet.
Mine is just an idea of how I do it. I am pretty sure everyone has their own custom idea. Here the key was combined with Seed + Master key of the 2nd wallet. I also have another way to store my key: The wallet has extended seed and few words of the extended seed are in my memory and shared with one person who only knows the missing words but do not know the use of the words. The seeds (regular and extended) are printed without the words are in my memory and sent to two people who do not have much connection with the one knows only the words but if something happens to me then they will surely meet and will talk about it. And this way the person who knows only few random words will connect that this was a part of the seed.
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o_e_l_e_o
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August 25, 2020, 04:52:20 PM |
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but dividing them and hiding the other part on another storage sounds risky because you can forgot them or other people will find it out and do unwanted things with it . Yes and no. Splitting your seed phrase and hiding it in multiple places obviously increases the risk that someone discovers one of your back ups, but if they do discover one then they only have half (or less) of your seed phrase, which is significantly better than them having it all. You should make sure to have at least two back ups of every piece though. Having a single back up, and then only discovering it has been stolen or damaged when you need to restore from it could result in the complete loss of your coins. but if something happens to me then they will surely meet and will talk about it. I would be careful about assuming this. If one of my friends left me a couple of words that I did not know the significance of, I'm not going to go around all their friends and family after they died and ask if anyone knows the significance of them. More likely I'll assume they were a password to something that is no longer needed now they are dead. Different if it's someone familiar with bitcoin, but with someone who has no idea what seed phrase are, your coins may end up irretrievable.
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AB de Royse777
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August 25, 2020, 07:33:28 PM |
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I would be careful about assuming this. If one of my friends left me a couple of words that I did not know the significance of, I'm not going to go around all their friends and family after they died and ask if anyone knows the significance of them. More likely I'll assume they were a password to something that is no longer needed now they are dead. Different if it's someone familiar with bitcoin, but with someone who has no idea what seed phrase are, your coins may end up irretrievable.
I understand your breakout and it perfectly makes sense. However, in this case, they know the significance. They know what I do and what I deal with. They are not tech-savvy and don't have interest in real bitcoining. But they know the money in their. It's basically in the family.
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Sanugarid
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August 25, 2020, 07:53:47 PM |
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Although, I acknowledge the point that these seed phrases are meant to be memorized as well. No, they aren't. You could memorize it but it is not meant to be done that way lol The best and safest storage in your mind No, it isn't. Memorizing your seed phrase is probably the worst back up method you can choose. It is incredibly fragile and fallible - far more so than a paper back up - and even a minor blow to the head or fever can make you forget your back up. In fact, you don't even need that, and can simply forget it over time without any obvious cause or intervention by another party. It is susceptible to a $5 wrench attack. It makes no provision for passing your bitcoin on should you die. I'm literally laughing at this idea why would you memorize a seed phrase when you could just write it down on a paper, I'm imagine a person who memorized his phrases being thrown by a small brick in the head forgetting all about that stuff. Besides, our mind is messing with us sometimes you may memorize the words but it jumbles by your brain. Brain is freaking tricky and messy sometimes, ask a neurosurgeon.
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Twentyonepaylots
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August 25, 2020, 08:23:37 PM |
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I bought some small thin metal sheets and a punch set from Amazon. Made a couple of copies of my ledger recovery phrase and then split them into 2 pieces which I keep in different locations.
That was pretty creative indeed but splitting it into two, and hiding them from different places is not ideal for me since you got a lot of chance in losing one of them or worst both of them. I'd rather do it on a single metal sheet, leave a blank character which I will memorize for my whole life so if it was found by someone else he cannot access it immediately ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) Having the words punched into metal makes me feel a lot safer than having them written on paper!
Safer than writing them on a paper until it gets rusty and you can barely see what you punched in there haha. I hope you did not use an ordinary metal for that, a stainless steel is preferable.
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